Security Savings Asks Bailout Money

OLATHE, Kan. (AP) _ After losing almost $4 million in the past two quarters, a Kansas bank has asked the federal government to buy a stake in the bank.

Security Savings Bank president and CEO Michael Copeland informed customers of the move in a letter on Monday. The letter said the bank is asking for help not out of necessity, but to provide a boost to its ability to serve customers in a "difficult financial environment.''

The letter says most of the nearly $1.5 million loss last quarter was in a "mortgage-related mutual fund.'' In the second, third and fourth quarters of 2007, Security Savings lost more than $1.75 million.

The bank was established in Salina in 1898 but is now based in Olathe, with several offices around Kansas.
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(Copyright 2008 by The Associated Press. All Rights Reserved.)


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